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American Express Company 2011 Annual Report American Express Company Consolidated Financial Highlights

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American Express Company 2011 Annual Report American Express Company Consolidated Financial Highlights AMERICAN EXPRESS COMPANY 2011 ANNUAL REPORT AMERICAN EXPRESS COMPANY CONSOLIDATED FINANCIAL HIGHLIGHTS (Millions, except per share amounts, percentages and employees) 2011 2010 % INC/(DEC) Total Revenues Net of Interest Expense $ 29,962 $ 27,582 9% Income from Continuing Operations $ 4,899 $ 4,057 21% Income from Discontinued Operations $ 36 — # Net Income $ 4,935 $ 4,057 22% Return on Average Equity 27.7% 27.5% Total Assets $ 153,337 $ 146,689 5% Shareholders’ Equity $ 18,794 $ 16,230 16% Diluted Income from Continuing Operations Attributable to Common Shareholders $ 4.09 $ 3.35 22% Diluted Income from Discontinued Operations $ 0.03 — # Diluted Net Income Attributable to Common Shareholders $ 4.12 $ 3.35 23% Cash Dividends Declared per Share $ 0.72 $ 0.72 — Book Value per Share $ 16.15 $ 13.56 19% Average Common Shares Outstanding for Diluted Earnings per Common Share 1,184 1,195 (1)% Common Share Cash Dividends Declared $ 856 $ 867 (1)% Common Share Repurchases 48 14 # Number of Employees 62,500 61,000 2% # denotes a variance of more than 100% TOTAL REVENUES return ON averaGE EQuitY NET INCOME NET OF INTEREST EXPENSE (in billions) (in billions) 1 1 . 2 4 $4.0 $2.7 $ $ $4.9 37.3% 22.3% 14.6% 27.5% 27.7% $27.5 $28.2 $24.3 $27.6 $30.0 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Various forward-looking statements are made in this Annual Report, which generally include the words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “should,” “could,” “would,” “likely,” and similar expressions. Certain factors that may affect these forward-looking statements, including American Express Company’s ability to achieve its goals referred to herein, are discussed on page 50. AMERICAN EXPRESS COMPANY We connect people to the things they love. We make commerce easy, secure and more rewarding. A trusted company reimagined for the digital age. We are American Express. And this is how we grew in 2011 while building for the future. T0 CHairmanR'S LETTER 11 AMERICAN EXPRESS COMPANY TO OUR SHareHOLDers: Never let anyone tell you what you can’t accomplish. My father shared this advice with me when I was growing up. And, throughout the past year, my colleagues at American Express often reminded me of those words. Our people produced strong growth in a weak environment, cutting-edge innovation from a 160-year-old company, and healthy shareholder returns in a volatile market. It was a year of setting new standards. We earned a record $4.9 billion in net income, up 22 percent from the prior year. Sharply higher spending by our cardmembers and excellent credit quality drove our performance. Revenues net of interest expense rose 9 percent to $30 billion. Our cardmembers swiped, clicked and tapped their way to a record $822 billion in purchases, an increase of 15 percent from a year ago. We enjoyed broad-based growth in spending among consumers, small businesses and corporations in every region of the world—all while facing a tepid economy, stubborn unemployment and low consumer confidence. 2 AMERICAN EXPRESS COMPANY Keeping our customers satisfied was the key. We earned their loyalty by providing To Our Shareholders greater value through industry-leading benefits, rewards and service. We gave Investments and Efficiency them more ways to make purchases online and offline, through an expanding merchant network and new payment alternatives. And, as more spending Our Transformation shifted online, we were right there with our cardmembers, corporate clients and The Digital merchant partners, making e-commerce easy, secure and rewarding. Convergence A Challenging These factors also help explain why we did so well attracting more high-spending, Environment creditworthy prospects into our franchise. We added 6.4 million cards-in-force Thank You during the year, which brought our total to 97.4 million. First-year spending levels for these new customers were the highest we’ve seen since the recession. As worldwide billings among both tenured and new cardmembers grew, credit quality improved. By year-end, write-off and 30-day past-due rates were at historic lows. Write- offs in our worldwide lending portfolio fell to 2.3 percent for the fourth quarter compared RecoRD net incoME with 4.3 percent a year ago. Our credit Net income rose 22% from performance far outpaced the industry. 2010 to a record $4.9 billion. Better credit quality enabled us to reduce the amount of money we set aside in provisions for losses by 50 percent, which freed up funds for business- building investments. + INVESTMENTS AND EffICIENCY We aim to be both flexible and opportunistic when it comes to investment spending. Coming out of the recession, we saw a competitive opening and increased our investments. We focused on marketing and promotion, cardmember rewards and services, strategic acquisitions and other new business opportunities–all of which were designed to aid growth in the coming years. Our performance, combined with settlement payments received from Visa and MasterCard, gave us more dollars to spend, so we put those funds to good use. This contributed to higher operating expenses. In the second half of 2011, as the Visa and MasterCard settlement payments were phasing out and releases from loss reserves were diminishing, we deliberately 3 R AMERICAN EXPRESS COMPANY To Our Shareholders slowed expense growth. Expenses rose by just 1 percent in the fourth quarter, Investments and compared with 13 percent for the full year. Efficiency Our Transformation We will continue to focus on controlling expenses by driving efficiency, reducing costs and increasing quality throughout the organization, while still investing The Digital Convergence at healthy levels to fuel growth. A Challenging Environment Across our businesses, 2011 saw us reach some historic milestones. For example, we: Thank You • Received our fifth consecutive J.D. Power and Associates award for highest customer satisfaction among credit card companies in the U.S. • Passed the $100 billion mark in annual billings on cards issued by Global Network Services partners, a tremendous achievement for this business, which has greatly expanded the presence of our brand in many countries. • Mobilized an estimated 103 million Americans to shop small on the second annual Small Business Saturday, a movement we created to support independently owned stores and restaurants that are the lifeblood of local communities across the U.S. • Added more than 1 million card-accepting merchant locations to our global network. BILLED BUSINESS CARDS-IN-FORCE (in billions) (in millions) 3 1 7 $647 $683 $620 $ $822 86.4 92.4 87.9 91.0 97.4 07 08 09 10 11 07 08 09 10 11 Billed business rose 15 percent to a record $822 billion on broad-based growth in spending among consumers, small businesses and corporations. Higher spending per card, combined with an expanding cardmember base, drove the strong increase. 4 AMERICAN EXPRESS COMPANY • Completed our largest international acquisition to date with the purchase of To Our Shareholders Loyalty Partner, a leading coalition rewards firm, in a move that expanded Investments and Efficiency our loyalty management capabilities and added 35 million new customers, primarily in Europe. Our Transformation • Achieved record billings in Global The Digital Convergence Corporate Payments as we continued to A Challenging capture and manage a broader range of Environment spending for large and midsize companies. Thank You • Posted record sales, with double-digit increases, in consumer and business travel. Overall, the progress we made in 2011 helped SMall BUsiness our stock outperform the major market satURdaY indices. Our total shareholder return for the An estimated 103 million Americans shopped small year was 11.6 percent, versus a 2.1 percent on the second annual gain for the S&P 500 and a 17 percent decline Small Business Saturday. for the S&P Financials. + OuR TRANSFORMATION If one sentence could sum up the year, it would be this: We grew today while transforming the business for tomorrow. I’ve already taken you through the first part of that statement. Now let’s explore the second part. I believe that we have started the next major transformation of American Express–our evolution as a digital services company. Transformation is in our blood. It’s why we have been successful for more than a century and a half, and why we’ve never been more successful than now. We are making major progress in driving digital advances across our core businesses. When some of the world’s leading companies in the social media space tell you that they are excited by the things you are doing and impressed by how fast you move, you know you are on the right track. That’s exactly what happened with a series of digital payments firsts that we introduced this year. • The national rollout of a deals platform with foursquare that automatically delivers merchant offers to enrolled cardmembers right on their mobile phones when they check in at participating locations. 5 R AMERICAN EXPRESS COMPANY To Our Shareholders • Link, Like, Love: a first-of-its-kind Facebook application that provides deals, Investments and access and experiences based on the “likes,” interests and social connections Efficiency of our cardmembers. Our Transformation • Go Social: a site that enables small business merchants in the U.S. to create The Digital couponless deals for cardmembers on digital and mobile platforms. In just Convergence a few minutes, a merchant can create an offer from scratch and distribute it A Challenging Environment directly to cardmembers on Facebook and foursquare. Thank You Each one of these innovations in mobile, location-based commerce is powered by our unique SmartOffer technology, which draws on merchant and cardmember data from our closed-loop network.
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